Ex-Lehman CEO to help list Chinese companies in US
Updated: 2016-01-29 12:30
By Hezi Jiang in New York(China Daily USA)
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Former Lehman Brothers CEO Richard Fuld and his Chinese business partner announced on Thursday that they've chosen a New Jersey-based stock exchange as their first step in helping Chinese small- and medium-sized companies list their shares in the United States.
Fuld's financial advisory firm, Matrix Advisors in New York, and Suzhou Industrial Park Kaida Venture Capital co-invested in the National Stock Exchange in Jersey City.
No specifics about the investment were announced during the press conference with Chinese media at the Angus Club Steakhouse in Manhattan.
"For me, this is a small part of what we are going to be doing," he said. "This is really about the bridge between the US and Chinese companies, about how Matrix and the partnership with Chairman Wang can really help build some of these companies in business development, corporate governance, accounting and full transparency."
Wang Yulong, chairman of Suzhou Industrial Park Kaida Venture Capital, said that the China Securities Regulatory Commission has loosened its requirements for Chinese SMEs to list on foreign stock exchanges. It is their primary goal to create a "credible platform" for that purpose, he said.
In November 2014, the two men jointly announced the partnership in Beijing.
"For me, at my stage, my age, it's only about relationship, picking the right partner that I trust, that has credibility," Fuld said.
He has often been accused as a cause of the financial crisis and for the collapse of Lehman Brothers. He led Lehman Brothers since the firm's 1994 spinoff from American Express until 2008, when the 158-year-old Wall Street firm filed for bankruptcy.
Wang expressed appreciation for his controversial partner, saying that he had learned a lot not only from Fuld's experience and expertise in the field but also from his personal qualities and personality.
"He's endowed with perseverance," Wang said.
All questions were pre-selected for a Q&A session, and the host did not ask any questions regarding Fuld's past.
Wang, however, spoke about his lesson from the financial crisis.
"It was a difficult period for Kaida to survive through the financial crisis in 2008, but we survived," Wang said through a translator.
Standing beside him, Fuld patted Wang's back with a nod.
hezijiang@chinadailyusa.com
Richard Fuld (left), former chairman and CEO of Lehman Brothers, and Wang Yulong, chairman of Suzhou Industrial Park Kaida Venture Capital, pose for a photo on Thursday at a press conference in New York. Hezi Jiang / China Daily |
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